The White Dove company, whose year ends 31 December, buys some goods from Ranka of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate is as follows: 30 September A$1.00 = €1.60 30 November A$1.00 = €1.80 31 December A$1.00 = €1.90 31 January A$1.00 = €1.85 Required: Record the relevant journal entries in the books of White Dove.

The White Dove company, whose year ends 31 December, buys some goods from Ranka of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate is as follows: 30 September A$1.00 = €1.60 30 November A$1.00 = €1.80 31 December A$1.00 = €1.90 31 January A$1.00 = €1.85 Required: Record the relevant journal entries in the books of White Dove.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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